Bank of Commerce net income up 49% in 2022

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BANK of Commerce (BankCom) booked a net income of P1.8 billion in 2022, up by 49% from P1.207 billion in the year prior, it reported on Wednesday.

This translated to a return on average equity of 7.01% last year, up from 6.01% in 2021, the bank said in a disclosure to the local bourse. Return on average assets also rose to 0.86% from 0.65% a year prior.

“The bank’s stellar performance culminates its banner year wherein it successfully raised P3.37 billion of common stock capital through an IPO (initial public offering), was listed in the Philippine Stock Exchange, raised its maiden issuance of P7.5-billion bonds and was officially conferred a universal banking license,” the bank said in a disclosure on Wednesday.

Total revenues stood at P8.116 billion, up 30.4% from P6.225 billion in the previous year.

Net interest income rose by 23.79% to P6.682 billion from P5.398 billion in 2021.

Meanwhile, the bank’s operating expenses climbed by 28.61% to P5.65 billion in 2022 from P4.393 billion the year prior.

BankCom’s assets grew by 8.9% to P217.518 billion last year from P199.713 billion in 2021.

It posted a 27.56% increase in loans and receivables to P5.465 billion.

Nonperforming loans (NPL) amounted to P2.52 billion, with its gross NPL ratio at 2.10%, lower than the 3.09% posted in the previous year. Its net NPL ratio also went down to 0.6% from 0.88%.

NPL cover was at 89.05% as of end-December 2022, higher than the 83.21% posted in the year earlier.

On the other hand, deposits rose by 26.52% to P176.267 billion from P171.714 billion in 2021.

Its loan-to-deposit ratio was at 0.7%, up from 0.55% in the previous year.

The bank’s capital adequacy ratio stood at 17.97% at end-2022, lower than 21.57% the year prior.

BankCom’s shares closed P8.10 apiece on Wednesday, up by eight centavos or 1%. — AMCS